ECB President Draghi Goes Comical Ali

Mario Draghi, president of the European Central Bank, told a press conference following the meeting of the ECB Governing Council in Frankfurt this afternoon that “the euro is irreversible”. Asked by the media what he meant by that he exclaimed to much laughter “It stays, it stays, it stays. It’s pointless to bet against the euro, it’s pointless to go short on the euro.” From the beginning of the press conference to the end the € fell 200 pips against the $, so he was proved factually incorrect before he even finished speaking.

At the end of the press conference Spanish yields were back over 7%, capital flowed into German bunds as a safe haven, trading in Italian bank stocks was halted, the euro had pointedly rewarded those who were short and bet against it, costing the ECB a lot of credibility. Spain has now been told it will, like Greece, have to formally ask for a bailout on austere German terms. The can has been kicked down the road again, the end of the road however is in sight…




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Heather Wheeler talks to Burton Mail about her tweet…

“It was a tongue in cheek pop after the European Parliament tweet – it was purely that. I also wanted to congratulate Team GB on a brilliant result and thirdly congratulate the Commonwealth countries who also did very well. Fourth, I am also looking forwarded to establishing new trade agreements. That was it – nothing more. Let’s just enjoy the summer!”

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